UN Unilever NV

  By Cris Larano 
 

MANILA--Philippine food-and-beverage company RFM Corp. (RFM.PH) has agreed to pay $47.8 million for Unilever's Royal brand pasta business, RFM said on Thursday.

The acquisition will solidify its position in the Philippine pasta market, RFM said in a statement. RFM's Fiesta is the country's top pasta brand while Royal is No. 2.

The 58-year-old Royal brand is expected to boost revenue and make up revenue lost after the sale of Swift Foods Inc (SFI.PH) in 2012.

RFM raised around $36.4 million in a rights offering in October to pay for expansion.

RFM and Unilever have an existing ice-cream joint venture.

Write to Cris Larano at cris.larano@dowjones.com

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